So here’s an e-mail that George Zachary from CRV sent me—I’m sharing it with his permission. It gives a good sense that CRV is “open for business”:

From: George Zachary
To: Nivi
Date: Thu, Nov 6, 2008

Nivi,

Sorry for the delay amigo. Just been s-w-a-m-p-e-d with 3 new investments for CRV in the last 2-3 weeks. We are closing docs on one of them today/tomorrow. I issued a term sheet on another last Friday that’s now signed and in major diligence/docs mode. And just about to shake hands on a 3rd probably tomorrow. All are consumer internet.

Probably the busiest 2-3 week period I have ever had since 1995 in venture.

Also, prepping for my annual LP meeting in Boston which runs from this coming Monday through Wednesday. So, swamperoo’d.

Apologize on the delay.

The text looks good with one exception. “Initial investment can be as small as $100K…” instead of the $25K.

Thank you for doing this!

What is new with you?

Thank you and sorry for my humongous delay,
George

Yes, George actually sent me this email. I added the emphasis and hyperlink.

Lets get real guys. George must be the only VC in Silicon Valley who is busy. Moreover, he is the probably only one investing in consumer internet. Mean while the melt down continues. The cheer leading at this point is unreal. Give the new kids on the block who are raising funding the real deal. It is the middle of the nuclear winter. Keep your day jobs and watch the government bankrupt us with the $7 trillion bailout. This is not a drill. This is a depression.

I know several VCs who are investing at the same clip as before or at a higher clip. I also know several that are spending a lot of time with their portfolios and are investing in new companies slowly.

Startup prices are low and as long as VC capital sources are stable and their portfolio don’t require an inordinate amount of their attention, VCs should keep on investing at “normal” rates.